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Business Tit-Bits

Who are the ILFS crooks?


The massive ILFS scam worth over ₹ 1 lakh crores which rattled the NBFC sector and banking and capital markets continues to be investigated by various agencies. Fraudulent loans, collusion of top employees and blatant abuse of corporate governance standards are being probed. The role of managerial persons, auditors, rating agencies and banks are being invsetigated as well. A dubious facade of repectability was created primarily by senior directors Ravi Parathasarthy and Hari Sankaran who were actually crooks in disguise. A bunch of top managers misused the employees welfare trust of ILFS and benefitted from it to the tune of 100’s of crores at the expense of its employees. The conduct of these directors can be compared to that of beleagured ex boss of Nissan/Renault Carlos Ghosn, who is now locked up behind bars since months in Japan.

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